press release

ChevronTexaco Announces Common Stock Repurchase Program

SAN RAMON, Calif., Mar. 31, 2004 -- ChevronTexaco Corp. announced today that its board of directors approved a new program to repurchase up to $5 billion of the company's common stock. The repurchases will occur over a period of up to three years beginning April 1, 2004, as a means of further enhancing stockholder value.

"We've had a sustained period of strong cash flows from our company operations. As a result, we've been able to significantly reduce our debt levels and make voluntary funding contributions to our major employee pension plans," said ChevronTexaco Chairman and CEO Dave O'Reilly. "As we initiate this program to repurchase shares and return cash to our stockholders, we remain committed to the principles of capital stewardship and the maintenance of a strong balance sheet and a high rating of our debt securities by the major credit-rating agencies."

Acquisitions for the share repurchase program will be made from time to time at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The program may be discontinued at any time.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This news release contains forward-looking statements about ChevronTexaco's common stock repurchase program. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in the prices of and demand for crude oil, natural gas and refined products; actions of competitors; technological developments; potential disruption or interruption of the company's production or manufacturing facilities due to war, accidents, political events, civil unrest or severe weather; potential delays in the development, construction or start-up of planned products; inability or failure of the company's joint venture partners to fund their share of operations and development activities; local political events and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Updated: March 2004